← AGNC Investment Corp.
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Unrealized (gain) loss on investment securities measured at fair value through net income, net | $6.0m | $71.0m | $297.0m | ($2.0b) | ($319.0m) | $1.5b | $3.8b | ($1.7b) | $885.0m | ($2.7b) | |
| Net Income From Continuing Operations | — | — | — | — | — | — | ($1.2b) | $155.0m | $863.0m | $1.7b | |
| Net Income (Loss) Attributable to Parent | $623.0m | $771.0m | $129.0m | $688.0m | ($266.0m) | $749.0m | ($1.2b) | $155.0m | $863.0m | $1.7b | |
| Net Income (Loss) Available to Common Stockholders, Basic | $623.0m | $771.0m | $93.0m | $628.0m | ($362.0m) | $649.0m | ($1.3b) | $32.0m | $731.0m | $1.5b | |
| Amortization of Intangible Assets | — | — | $25.0m | $0 | $0 | — | — | — | — | — | |
| Amortization of premiums and discounts on mortgage-backed securities, net | $400.0m | $378.0m | $331.0m | $601.0m | $1.1b | $369.0m | $13.0m | $201.0m | $123.0m | $177.0m | |
| Share-based Payment Arrangement, Noncash Expense | — | — | $6.0m | $13.0m | $18.0m | $19.0m | $2.0m | $11.0m | $18.0m | $26.0m | |
| Gain (Loss) on Extinguishment of Debt | — | — | — | — | ($146.0m) | — | — | — | — | — | |
| Income Tax Expense (Benefit) | — | — | — | — | — | — | — | — | — | — | |
| Changes in operating assets and liabilities: | |||||||||||
| Additional Financial Items | |||||||||||
| Increase (Decrease) in Other Operating Assets | — | — | $100.0m | $35.0m | ($119.0m) | $29.0m | ($38.0m) | $892.0m | ($738.0m) | $151.0m | |
| Gain (Loss) on Sales of Mortgage Backed Securities (MBS) | — | — | ($137.0m) | $388.0m | $1.1b | ($57.0m) | ($2.9b) | ($1.6b) | ($188.0m) | ($529.0m) | |
| General and Administrative Expense | — | — | $55.0m | $36.0m | $37.0m | $34.0m | $33.0m | $34.0m | $36.0m | $40.0m | |
| Goodwill | — | — | — | $526.0m | $526.0m | $526.0m | $526.0m | $526.0m | $526.0m | $526.0m | |
| Nonoperating Income (Expense) | — | — | — | — | ($1.0b) | ($449.0m) | ($2.1b) | $497.0m | $955.0m | $1.1b | |
| Operating Expenses | — | — | $100.0m | $83.0m | $93.0m | $88.0m | $74.0m | $96.0m | $110.0m | $127.0m | |
| Stock based compensation | $1.0m | $4.0m | $6.0m | $13.0m | $18.0m | $19.0m | $2.0m | $11.0m | $18.0m | $26.0m | |
| (Gain) loss on derivative instruments and other securities, net | $310.0m | ($193.0m) | $167.0m | $2.3b | $2.5b | ($1.1b) | ($4.6b) | ($386.0m) | ($2.0b) | $1.1b | |
| (Increase) decrease in other assets | $34.0m | $82.0m | ($100.0m) | ($35.0m) | $119.0m | ($29.0m) | $38.0m | ($892.0m) | $738.0m | ($151.0m) | |
| Increase (decrease) in other liabilities | $46.0m | $81.0m | $121.0m | ($9.0m) | ($224.0m) | ($17.0m) | $69.0m | $904.0m | ($701.0m) | $53.0m | |
| Purchases of Agency mortgage-backed securities | ($20.8b) | ($35.9b) | ($42.6b) | ($47.5b) | ($56.5b) | ($45.3b) | ($26.8b) | ($32.2b) | ($41.8b) | ($45.6b) | |
| Proceeds from sale of Agency mortgage-backed securities | $18.0b | $18.7b | $8.1b | $23.2b | $77.3b | $34.6b | $26.0b | $13.6b | $22.8b | $24.8b | |
| Proceeds from sale of credit risk transfer and non-Agency securities | $0 | $494.0m | $891.0m | $1.4b | $896.0m | $1.4b | $1.2b | $732.0m | $286.0m | $270.0m | |
| Principal collections on Agency mortgage-backed securities | $8.1b | $6.9b | $7.2b | $12.8b | $17.4b | $15.0b | $6.5b | $4.3b | $5.8b | $7.5b | |
| Principal collections on credit risk transfer and non-Agency securities | $23.0m | $5.0m | $15.0m | $20.0m | $131.0m | $84.0m | $209.0m | $68.0m | $121.0m | $31.0m | |
| Payments on U.S. Treasury securities | ($4.5b) | ($11.8b) | ($10.8b) | ($26.8b) | ($24.5b) | ($22.1b) | ($27.5b) | ($30.5b) | ($18.8b) | ($52.4b) | |
| Proceeds from Sale of U.S. Treasury securities | $10.4b | — | — | $13.6b | $26.0b | $19.8b | $25.9b | $33.2b | $24.6b | $38.7b | |
| Net proceeds from (payments on) reverse repurchase agreements | ($6.0b) | ($3.2b) | ($10.6b) | $12.0b | ($1.5b) | $1.3b | $4.0b | ($4.5b) | ($4.8b) | $1.4b | |
| Net proceeds from (payments on) derivative instruments | ($1.3b) | $253.0m | $76.0m | ($1.4b) | ($1.8b) | $1.0b | $2.9b | $989.0m | $803.0m | ($405.0m) | |
| Proceeds from repurchase arrangements | $217.5b | $483.5b | $2.0t | $4.2t | $3.1t | $2.2t | $2.4t | $3.3t | $5.6t | $7.2t | |
| Payments on repurchase agreements | ($221.4b) | ($471.1b) | ($2.0t) | ($4.2t) | ($3.2t) | ($2.2t) | ($2.4t) | ($3.3t) | ($5.6t) | ($7.2t) | |
| Payments on Federal Home Loan Bank advances | ($2.8b) | ($3.0b) | $0 | $0 | — | — | — | — | — | — | |
| Net proceeds from preferred stock issuance | $0 | $315.0m | $0 | ($617.0m) | ($557.0m) | $0 | ($145.0m) | $0 | $0 | ($334.0m) | |
| Payments for preferred stock redemptions | $0 | ($173.0m) | $0 | ($175.0m) | $0 | — | — | — | — | — | |
| Beginning Cash Position | — | — | — | — | — | — | $1.5b | $2.3b | $1.8b | $1.8b | |
| Cash Flow From Continuing Financing Activities | — | — | — | — | — | — | ($11.4b) | $14.2b | $11.1b | $25.2b | |
| Cash Flow From Continuing Investing Activities | — | — | — | — | — | — | $11.2b | ($14.7b) | ($11.2b) | ($25.9b) | |
| Change In Other Current Assets | — | — | — | — | — | — | $38.0m | ($892.0m) | $738.0m | ($151.0m) | |
| Change In Other Current Liabilities | — | — | — | — | — | — | $69.0m | $904.0m | ($701.0m) | $53.0m | |
| Change In Working Capital | — | — | — | — | — | — | $107.0m | $12.0m | $37.0m | ($98.0m) | |
| Changes In Cash | — | — | — | — | — | — | $809.0m | ($563.0m) | $0 | ($29.0m) | |
| End Cash Position | — | — | — | — | — | — | $2.3b | $1.8b | $1.8b | $1.7b | |
| Financing Cash Flow | — | — | — | — | — | — | ($11.4b) | $14.2b | $11.1b | $25.2b | |
| Free Cash Flow | — | — | — | — | — | — | $1.0b | ($118.0m) | $86.0m | $653.0m | |
| Gain Loss On Investment Securities | — | — | — | — | — | — | $2.9b | $1.6b | $188.0m | $529.0m | |
| Investing Cash Flow | — | — | — | — | — | — | $11.2b | ($14.7b) | ($11.2b) | ($25.9b) | |
| Issuance Of Capital Stock | — | — | — | — | — | — | $671.0m | $1.1b | $2.0b | $2.3b | |
| Net Preferred Stock Issuance | — | — | — | — | — | — | $145.0m | $0 | $0 | $334.0m | |
| Operating Gains Losses | — | — | — | — | — | — | ($1.7b) | $1.2b | ($1.8b) | $1.6b | |
| Preferred Stock Issuance | — | — | — | — | — | — | $145.0m | $0 | $0 | $334.0m | |
| Repurchase Of Capital Stock | — | — | — | — | — | ($281.0m) | ($51.0m) | $0 | $0 | — | |
| Unrealized Gain Loss On Investment Securities | — | — | — | — | — | — | $3.8b | ($1.7b) | $885.0m | ($2.7b) | |
| Net Cash Provided by (Used in) Operating Activities | $1.4b | $1.3b | $1.1b | $1.2b | $1.7b | $1.5b | $1.0b | ($118.0m) | $86.0m | $653.0m | |
| Cash flows from investing activities: | |||||||||||
| Purchases of credit risk transfer and non-Agency securities and other mortgage credit investments | ($34.0m) | ($1.1b) | ($1.6b) | ($1.4b) | ($765.0m) | ($2.0b) | ($1.2b) | ($364.0m) | ($251.0m) | ($69.0m) | |
| Net Investment Purchase And Sale | — | — | — | — | — | — | $7.2b | ($10.2b) | ($6.4b) | ($27.3b) | |
| Purchase Of Investment | — | — | — | — | — | — | ($55.5b) | ($63.1b) | ($60.8b) | ($98.5b) | |
| Loss on sale of investment securities, net | ($109.0m) | $63.0m | $137.0m | ($388.0m) | ($1.1b) | $57.0m | $2.9b | $1.6b | $188.0m | $529.0m | |
| Sale Of Investment | — | — | — | — | — | — | $62.7b | $53.0b | $54.5b | $71.2b | |
| Payments for (Proceeds from) Other Investing Activities | — | — | ($30.0m) | $0 | $0 | — | — | — | — | — | |
| Payment for (Proceeds from) Other Investing Activity | $107.0m | ($28.0m) | $30.0m | $0 | $0 | — | — | — | — | — | |
| Net Cash Provided by (Used in) Investing Activities | $4.4b | ($11.3b) | ($27.9b) | ($14.2b) | $36.5b | $3.8b | $11.2b | ($14.7b) | ($11.2b) | ($25.9b) | |
| Cash flows from financing activities: | |||||||||||
| Net Issuance Payments Of Debt | — | — | — | — | — | — | ($24.0m) | ($17.0m) | ($15.0m) | ($12.0m) | |
| Net Long Term Debt Issuance | — | — | — | — | — | — | ($24.0m) | ($17.0m) | ($15.0m) | ($12.0m) | |
| Payments on debt of consolidated variable interest entities | ($135.0m) | ($104.0m) | ($78.0m) | ($55.0m) | ($62.0m) | ($49.0m) | ($24.0m) | ($17.0m) | ($15.0m) | ($12.0m) | |
| Long Term Debt Payments | — | — | — | — | — | — | ($24.0m) | ($17.0m) | ($15.0m) | ($12.0m) | |
| Repayment Of Debt | — | — | — | — | — | — | ($24.0m) | ($17.0m) | ($15.0m) | ($12.0m) | |
| Proceeds from Issuance of Common Stock | — | — | $2.6b | $190.0m | $439.0m | $0 | $526.0m | $1.1b | $2.0b | $2.0b | |
| Net proceeds from common stock issuance | $0 | $1.2b | $2.6b | $190.0m | $439.0m | $0 | $526.0m | $1.1b | $2.0b | $2.0b | |
| Common Stock Issuance | — | — | — | — | — | — | $526.0m | $1.1b | $2.0b | $2.0b | |
| Net Common Stock Issuance | — | — | — | — | — | — | $475.0m | $1.1b | $2.0b | $2.0b | |
| Payments for Repurchase of Common Stock | — | — | $0 | $103.0m | $378.0m | $281.0m | $51.0m | $0 | $0 | — | |
| Payments for common stock repurchases | ($116.0m) | $0 | $0 | ($103.0m) | ($378.0m) | ($281.0m) | ($51.0m) | $0 | $0 | — | |
| Common Stock Payments | — | — | — | — | — | ($281.0m) | ($51.0m) | $0 | $0 | — | |
| Dividends paid | — | — | $974 | $1k | $970 | $860 | $869 | $1k | $1k | $2k | |
| Dividends Payable | — | — | $106 | $104 | $90 | $88 | $100 | $115 | $143 | $182 | |
| Cash dividends paid | ($799) | ($795) | ($974) | ($1k) | ($970) | ($860) | ($869) | ($1k) | ($1k) | ($2k) | |
| Net Cash Provided by (Used in) Financing Activities | ($5.7b) | $9.9b | $27.0b | $12.8b | ($37.2b) | ($6.2b) | ($11.4b) | $14.2b | $11.1b | $25.2b | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $1.3b | $1.4b | $1.5b | $1.3b | $2.3b | $1.5b | $2.3b | $1.8b | $1.8b | $1.7b | |
| Net change in cash and cash equivalents | $98.0m | ($162.0m) | $157.0m | ($238.0m) | $1.0b | ($799.0m) | $809.0m | ($563.0m) | $0 | ($29.0m) | |
| Cash and cash equivalents at end of period | $1.2b | $1.0b | $921.0m | $831.0m | $1.0b | $998.0m | $1.0b | $518.0m | $505.0m | $450.0m | |
| Restricted Cash and Cash Equivalent | — | — | — | — | — | $527.0m | $1.3b | $1.3b | $1.3b | $1.3b | |
| Change In Cash Supplemental As Reported | — | — | — | — | — | — | $809.0m | ($563.0m) | $0 | ($29.0m) | |
| Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $332.0m | $474.0m | $1.1b | $2.1b | $866.0m | $89.0m | $557.0m | $2.2b | $2.9b | $2.8b | |
| Income Taxes Paid | $0 | $0 | — | — | — | — | — | — | — | — |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.